May 31, 2025
Etihad Credit Insurance (ECI), the UAE’s federal export credit agency, reported a 15.7% year-on-year increase in insured turnover for 2024, reaching AED 16.2 billion, according to its Annual Report unveiled during a recent media briefing led by CEO H.E. Raja Al Mazrouei and senior officials. This performance accounts for 2.85% of the UAE’s total non-oil exports, demonstrating ECI’s growing role in promoting export-led growth and economic diversification.
The company has expanded its strategic credit insurance services to over 100 countries and 17 key sectors, supporting UAE-based exporters—particularly SMEs—with tailored solutions that reduce risk and open doors to new global markets.
Supporting the UAE’s Economic Vision
H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of the ECI Board, emphasized that ECI’s success is aligned with the UAE’s long-term vision of economic diversification under the ‘We the UAE 2031’ strategy. “ECI is central to strengthening the global competitiveness of UAE businesses and helping non-oil exports reach AED 800 billion by 2031,” he noted.
ECI’s contributions are especially prominent in non-oil sectors, which now make up 74.6% of the UAE’s GDP. The agency’s solutions are enabling businesses to participate in major international projects, including infrastructure and energy deals in Africa, such as Angola and Senegal.
Growth in Exposure and Global Partnerships
ECI’s gross exposure increased by 14.58%, reaching AED 11 billion in 2024. A majority of beneficiaries were SMEs (over 60%), underscoring the company’s role in empowering smaller enterprises.
The agency also maintained its AA- rating by Fitch for the sixth consecutive year, reflecting its strong financial performance and risk management capabilities.
Key Strategic Initiatives
- Xport Xponential: A newly launched flagship initiative aimed at scaling UAE companies globally through financing access, insurance solutions, and strategic partnerships.
- Africa Green Investment Initiative (AGII): In partnership with Masdar, AMEA Power, and Abu Dhabi Fund for Development, ECI supports climate-focused infrastructure projects in Africa, with an investment goal of $4.5 billion by 2030.
Portfolio Composition & Market Focus
- 70% of ECI’s portfolio lies in Short-Term Credit Insurance, serving sectors like manufacturing, ICT, and agri-exports.
- 17% is allocated to Medium and Long-Term projects, particularly infrastructure and clean energy.
- 13% covers Political Risk Insurance, supporting investments in volatile markets.
Saudi Arabia leads ECI’s regional exposure within the Gulf, followed by Egypt, Oman, Qatar, and Bahrain. Beyond the MENA region, the agency is active in major markets like India, Singapore, the UK, EU, and the U.S..
Robust Risk Management
ECI provides up to AED 500 million coverage per risk, supported by a quota-share agreement with nine top-rated reinsurers. In 2024, ECI successfully recovered AED 158 million in overdue payments, achieving a 77% recovery rate. Since its inception, the agency has recovered a total of AED 528 million, with an 87% success rate.
Looking Ahead
ECI plans to leverage the UAE’s Comprehensive Economic Partnership Agreements (CEPAs) to further boost trade and economic partnerships. Its ever-expanding business intelligence tools now offer access to data on over 400 million global companies, empowering UAE exporters with real-time insights.
